If you’re a first-time homebuyer, you’ve probably rented before. I lived in several apartments before buying my home, and let me tell you – the differences between the rental process and the homebuying process are like the differences between watching and reading Game of Thrones. They’re both complex, but one will take way less time and involve infinitely less paper(work).
According to a study from 2021, the average first-time homebuyer toured 15 properties, with one-third touring over 20 properties. 98% of respondents did not have their first offer accepted, with a majority receiving at least 5 rejections before having an offer accepted. For a quarter of first-time homebuyers, it took 10 or more offers to successfully buy their home.
Unlike renting, the median length of time someone stays in their home is 12 years. Friends didn’t even air for that many years! The process may be a long one, but you’ll also enjoy the payoff for years to come. You may want to use a tool like our home comparison chart to keep track of the features of the houses you tour during your journey.
ENERGIZING TIP: Maximize your chance of winning an offer by getting creative with partial contingencies, escalator clauses, flexible closing dates, and more.